Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Fully-Tenanted Retail Offering In Heart Of Nelson CBD

A fully-tenanted retail offering in Bridge Street, Nelson is on the market with a much-reduced price as a once-only offer and $270,000 below the property’s current rateable value.

Shoe Clinic and Electrify NZ retail frontage to Bridge Street

The properties at 82 and 84 Bridge Street occupy 435sqm of Inner-City Centre-zoned land over two freehold titles, with frontages to both Bridge Street and Buxton Square.

Just 70 metres east of Trafalgar Street – the main shopping strip – and with a favourable northern aspect to Bridge Street, there are four fully-leased individual retail tenancies returning a net annual income of $97,795 plus GST and operating expenses.

With a collective asking price of $1,220,000 + GST (if any) and the existing tenant covenant, the properties provide for an 8-percent return on investment.

The anchor tenant is sports’ footwear retailer Shoe Clinic which has operated from the site for 14 years and has a new six-year lease from 1st November 2019 with rights of renewal in place.

The other businesses are e-bike seller Electrify NZ Nelson which is part of a nine-store nationwide network, massage therapy providers Nelson Relax Thai Massage, and beauty service operator, Alibi Hair and Beauty Room – all on varying lease terms and with rights of renewal.

Nelson Relax Thai Massage and Alibi Hair and Beauty Room retail frontage from Buxton Square

Shoe Clinic and Electrify NZ front onto Bridge Street and are directly opposite Warehouse Stationery and adjacent to Noel Leeming. Nelson Relax Thai Massage and Alibi Hair and Beauty Room are accessed from Buxton Square, which has ample public car parking, or on foot via Fiddle Lane which runs off Bridge Street just along from Shoe Clinic.

Paul Vining of Bayleys Nelson says the owner of the properties is a private local investor who has made improvements to the buildings which are at 67 percent NBS, negotiated new leases for the tenants and is now looking to realign his asset portfolio.

“This is a split-risk investment with a good spread of tenants – all of which are well-positioned to service the local market as consumer spending resumes after the COVID-19 lockdown restrictions,” says Vining.

“With New Zealanders being encouraged to shop local and support local businesses in the current economic climate, these businesses are able to provide equipment and services in both the leisure and well-being markets which are both enjoying solid demand at present as Nelson residents start to spread their social wings again.”

Vining says the retail property sector had been “a bit challenging” in pre-COVID times right around the country, but he expects that there will be an emotional component in property investment in the foreseeable future.

“I think there’s been a shift in thinking as everyone has been forced to take a breather and reassess priorities,” says Vining.

“The community spirit and cohesiveness that we’ve seen in Nelson over the lockdown period and subsequent moving down through alert levels has been awesome.

“Nelsonians have a new appreciation for this part of the world and may well look to invest in the city’s commercial property stock.

“I also sense that former residents could experience an emotional pull back to the region as they reassess their futures and Nelson could be seen as an attractive place to invest.”

With a combined rateable value today of $1,490,000, the asking price for the properties of $1,220,000 plus GST if any, is only just above the 2009/2010 rateable value, creating a tangible opportunity for an investor to either get into the commercial market or add to an existing portfolio.

Vining says Nelson City Council is supportive of local businesses and keen to see the city centre thrive.

At a recent extraordinary meeting, city councillors showed commitment to supporting the community through the COVID-19 crisis by voting unanimously to consider a zero percent rates rise in the 2020/21 Annual Plan.

In the same meeting, Council agreed to a comprehensive relief package designed to aid Nelson’s recovery from the COVID-19 shutdown which includes the suspension of all parking fees in the city centre until the end of June 2020.

Nelson-Tasman’s economy is largely dependent on seafood processing, forestry processing and other manufacturing strands and it is expected that this will stand the region in good stead as it navigates the post-COVID economic landscape.

© Scoop Media

Business Headlines | Sci-Tech Headlines


It’s All In The Genomes: New Study Reveals Scale Of Havelock North Campylobacteriosis Outbreak

When the campylobacteria outbreak hit Havelock North in 2016, no-one fully understood how widely it affected the local communities. Gene-sequencing technology used by scientists has shown the true scale of the outbreak. The joint study from ESR, Massey ... More>>


Tiwai Point: Rio Tinto Announces Plans To Close Tiwai Point Smelter

Rio Tinto has just announced that it will wind down New Zealand Aluminium Smelters - the Tiwai Point smelter - saying the business is no longer viable. More>>


Freight: New Report On Auckland Port Relocation

The Government has released a major new report on the options for relocating the Port of Auckland’s freight operations while deferring any decision on the issue. More>>


Taxation: Black-Market Tobacco Sidesteps $287 Million In Excise Tax

Year-on-year increases in consumption of illicit tobacco in New Zealand have seen illegal trade swell to 11.5% of the total market. If consumed legally, illicit products would have netted the Government $287 million in excise tax during 2019. Independent ... More>>


Energy Sector: Meridian Spilled Water To Hike Electricity Prices - Authority Ruling

The Electricity Authority has found that generator Meridian Energy manipulated the power market, costing consumers about $80 million. More>>


XE Data Update: RBNZ Official Cash Rate Decision

The RBNZ will keep the Official Cash Rate (OCR) at 0.25%. T he key points in the RBNZ statement are: RBNZ keeps the OCR unchanged at 0.25% Maintain the LSAP (large scale asset purchase) at NZD$60 billion. Committee prepared to use additional monetary ... More>>


Electricity: Kiwis Ignore Promise Of Cheaper Power

Electric Kiwi and Flick Electric Co are joint winners of Canstar Blue’s award for Most Satisfied Customers | Electricity Providers From putting on an extra layer – rather than turning on a heater – to turning off lights and choosing the energy-saving ... More>>


ASB: Regional Economic Scoreboard Q1 2020

ASB NZ Regional Economic Scoreboard Gisborne still the place to be It has been Gisborne’s year, and the region comes out tops on our regional rankings for the fourth successive quarter. Like everywhere, question marks are about the COVID-19 impact on the future. ... More>>

RNZ: Economic Activity And Business Confidence Bouncing Back

Two surveys from ANZ show business confidence and economic activity have rebounded, but uncertainty about the future remains extreme. More>>


NIWA: The Climate Record That Keeps Getting Broken

Among the multitude of New Zealand climate statistics there is one record that continues to be broken month after month. Since January 2017 there has not been one month that recorded a below average nationwide temperature, according to NIWA’s seven station ... More>>


Govt: Extended Loan Scheme Keeps Business Afloat

Small businesses are getting greater certainty about access to finance with an extension to the interest-free cashflow loan scheme to the end of the year. The Small Business Cashflow Loan Scheme has already been extended once, to 24 July. Revenue and Small ... More>>


Science: 2019 Prime Minister’s Science Prizes Announced

The 2019 Prime Minister’s Science Prizes have been announced in a digital livestream event today. The Prizes recognise the impact of science on New Zealanders’ lives, celebrate the achievements of current scientists and encourage scientists of the ... More>>


Stardome Observatory: Young Kiwi Astro-Photographer Shoots For The Stars

Matariki by Josh Kirkley. The stars are aligning for up-and-coming Auckland-based astro-photographer Josh Kirkley (Kāi Tahu). During lockdown, one of his images was picked up by NASA and shared on the space agency’s Instagram to its 59.2 million ... More>>

DCANZ: Time For EU To Commit To A Level Playing Field For Trade

The Dairy Companies Association of New Zealand (DCANZ) has welcomed New Zealand Trade Minister David Parker’s statement that it is unacceptable for New Zealand exporters to continue facing an ‘unlevel playing field’ in the EU. Details leaked ... More>>


New Zealand Government: Supporting Kiwi Businesses To Resolve Rent Disputes

The Government will legislate to ensure businesses that suffered as a result of the COVID-19 response will get help to resolve disputes over commercial rent issues, Justice Minister Andrew Little announced today. More>>